While some tax deductions can save you bunches every year, this isn't always the case—sometimes, prioritizing certain deductions can cause you to build up debt, and risk costing you more in the long run.

Personal finance blog The Simple Dollar points out that while having more monthly debt gets you some tax deductions, it's bad to make these a priority:

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For almost all families, cash flow is much more of a day-to-day concern than tax deductions. It's much more important that you have a low monthly debt load than it is to maximize your tax saving. With a high monthly debt load, you run the risk of going into more debt because of emergencies, and even a little bit of consumer debt taken on to handle those emergencies can quickly devour your "savings" from your deductions (and a lot more).

Big banks, credit card companies, and mortgage makers tout these tax advantages because they get to collect more interest from you—but having that debt is much more risky. You're better off missing out on a few of those deductions. Of course, this doesn't apply to absolutely everyone—if you have a pretty high income, this becomes less of an issue—but in general, it's important to keep in mind which deductions are good and which could cost you later on. Hit the link for a more detailed explanation of the deduction myth, and share your own strategies in the comments.